Membership Programs – Extend and Enhance Loyalty Experience
Membership Programs are strategic Verticals that captivate loyal customers and create boundless opportunities for revenue. Certainly, tactics may transcend specific Industry boundaries. Regardless, it is important to understand the offering, the value, the build and the profile of the customers. Unlike Loyalty Programs, a recurring or joining fee is required. Furthermore, a clear understanding of competitive benchmarks are needed. From Financial Services to Travel, or Food Services and Beauty. Markedly, CSC has conceptualized and managed multiples programs in the last two decades with great success.
From Awareness to Buying to Renewal, the stages for customer relationship extension and enhancement are important to understand. Conceptually, the process of moving a customer from the different stages is a no-brainer. In actuality, the tactics and the efforts that surround the execution are another matter. Indeed, it can be challenging and seemingly insurmountable. Ideally, the Customer Value Proposition (CVP) must be solid. We must be confident and even passionate of what our offerings bring. Not only, will our customers value the products, but hopefully enjoy and engage in a deeper member experience.
As we have covered the business owner’s premium content product and CVP, we consider building a program. First, is it a one-time or recurring fee? Do customers pay a monthly or yearly charge? Do we offer to access premium content or bonus? Indeed, CSC guides clients through the creation of a successful membership marketing strategy. Furthermore, we build an SEO strategy for the model to attract multiple new customers, and retain them. Indeed, from the Business Architecture, to its Fulfillment, CSC manages of a business membership program model that acquires and retains.
Value and Engagement
From CVP to ease of utilization, Value and Engagement is paramount for success. Certainly, the payment of the membership or subscription must be worth the core offering. Ensuring that the economics works for the company, includes a series of levers that the team must control. That said, with Membership Programs, a customer also buys into the mission of the organization. Indeed, tying in the core values – whether the focus is Sustainability, DEI, Community, etc. – is astute at all levels. From a psychological perspective, gratification is at the highest level. Chiefly, the Membership Program uses the individual’s need to be part of something bigger. Markedly, they feel part of a legacy that socially is responsible. It is here, where the connection far surpasses a traditional loyalty program. Meanwhile, they are suitably rewarded for their participation.
Assessments and Considerations
When an organization begins a Membership Program to earn extra revenue, produce leads, and/or fulfill other organizational goals, it’s referred to as membership marketing. Membership marketing needs consistent growth in members, and it’s important to keep members happily engaged. By doing so, it is not only about the numbers at a quantitive level. Above all, a qualitative lifestyle component could well create a cultural and emotional connection. Specifically, creating a sense of status and appreciation for being part of a unique ecosystem. Nevertheless, from a business perspective, Membership Programs offer a predictable conversion rate. Again, it is an ideal marketing strategy to increase service sales, convert, one-time buyers into repeat customers, enhance Lead Generation and strengthen customer retention. And regardless of Industry, great success may come when done right. For instance, Foodservice leaders in meal kit delivery such as HelloFresh and ButcherBox, have build their business on a membership model.
